MTN Nigeria Announces Ambitious Plans With 40 Million MoMo Wallets by 2025
MTN Nigeria, Africa’s largest mobile network operator, has announced ambitious plan of targeting 30 to 40 million active MTN MoMo wallets by 2025.
This announcement was made in the company’s sustainability report filed with the Nigeria Exchange Limited on Tuesday. The report stated:
“MTN Nigeria aims to establish the largest and most valuable fintech platform in Nigeria, with 30-40 million active MTN MoMo wallets by 2025. In compliance with the Central Bank of Nigeria’s legal requirements, MTN Nigeria is committed to maintaining high standards of product development and offering services that enable more individuals across the country to transact easily via our USSD channel, save money, connect with MoMo Agents for deposits and withdrawals, and conduct transactions on the MoMo App.”
In 2023, MTN Nigeria’s efforts to promote financial inclusion led to a 163.2 percent increase in active mobile money (MoMo PSB) wallets, reaching 5.3 million. The company plans to continue refining its services to provide easy, convenient, and low-cost access to financial services for more people.
According to MTN, the MoMo platform aligns with the Central Bank of Nigeria’s legal requirements and offers services that enable Nigerians to transact via the USSD channel, save money, connect with MoMo Agents for deposits and withdrawals, and use the MoMo App for transactions.
The telecom giant highlighted that the MoMo platform focuses on three main activities: MoMo Wallet, MoMo Payment & E-commerce, and MoMo Bank tech, aiming to enhance the financial experiences of users and businesses. MTN also noted that the e-commerce platform has been particularly beneficial for entrepreneurs, providing practical solutions to improve their business operations. The company reported over 326,700 active MoMo agents by the end of the year, a 46 percent increase compared to 2022.
Launched in May 2022, MTN MoMo Nigeria has seen a steady increase in active users, aiming to bridge the financial inclusion gap in Nigeria. By December 2023, the platform had reached 5.3 million active wallet users, growing its user base by 3.3 million that year. Deposits for MoMo customers surged by 432% to N6.68 billion in the first quarter of 2023.
MTN also expanded its agent network by 103,000, bringing the total to 327,000 in 2023. The active merchant ecosystem, which began in March 2023, reached over 324,000 by December 2023, according to the company’s records.
Source: Techcabal
